International Women Day: According to the survey, the number of women covered under health insurance has increased by 40% in FY24 compared to FY23, which is positive in terms of awareness as well as access to better health care. Signals change. The number of women purchasing standalone coverage for themselves has increased by 43% compared to last year.
International Women’s Day: Awareness about health insurance is increasing among women in India. And she is now taking more insurance than before. The special thing is that women are insisting on more coverage while taking health insurance. And the trend towards buying insurance is now visible in tier-2, tier-3 cities also.
This has been revealed in a survey conducted by Policybazaar with more than 23 thousand people to know the interest of women towards health insurance. According to the data obtained from the survey, there has been a 40 percent increase in the number of health insurance purchased by women.
How much coverage increased?
According to the survey, the number of women covered under health insurance has increased by 40% in FY24 compared to FY23, indicating a positive change in terms of awareness as well as access to better health care. Is. The number of women purchasing standalone coverage for themselves has increased by 43% compared to last year. This is an important step toward financial independence and proactive health management.
Emphasis on insurance coverage of more than Rs 25 lakh
When it comes to sum insured, more women are choosing higher coverage. Not only has the number of women choosing coverage above Rs 25 lakh increased from 15% to 24%. At the same time, a decline of 7% has been seen in the number of women choosing insurance amount less than Rs 25 lakh.
This reflects the growing importance of having comprehensive coverage and being financially secure during medical emergencies. However, there has been a marginal increase in the share of policyholders coming from tier-2 and 3 cities. The number of policyholders in tier-2 cities has increased by 10.5%, while in tier-3 cities it has increased by 4.3%.
Other important points of the survey
- The number of policyholders under 40 has increased from 47% to 52%, indicating a proactive approach towards health among young women. An increase of 22% has been seen in those below 25 years of age, 9.8% in the 26 to 35 age group and 11.7% in the 41-50 age group.
- On the other hand, if we talk about elderly women buying health insurance, there has been a decline in their number. The figures are as follows: The share of policyholders in the 51-60 age group has fallen from 20% to 17% and in the 60+ age group has fallen from 17% to 13%.
- Maternity insurance, a new concept introduced within the insurance ecosystem, is gaining momentum among women with a growth of 31%, which can be attributed to the recently launched innovative and customized products.
- There has also been a substantial increase of 20% in the number of women purchasing critical illness cover.
- The growing awareness among women is not just in purchasing health insurance, it also extends to claims. The share of women filing claims has increased by 25%.
- When it comes to claims, female-specific health problems like fibroids (30%), breast cancer (30%), and cervical cancer (10%) top the charts.
